The UK is home to more businesses than ever before. London hosts the highest new business growth rate. It is, however, also the place where most start-up businesses fail. So with the ongoing uncertainty of Brexit and potentially turbulent times ahead, what should you know before you start a business here and what can we do to help you grow your business?
We have experience in obtaining Entrepreneur and Investors visa under the Tier 1 category for our clients. We can assist with your initial application, visa extension or settlement application and subsequently with making a British citizenship application.
The requirements for the Investor visa route are:
If you enter the UK under an Investor visa, you are required to show investment of GBP£2 million of your money in the UK. There are no English language or personal financial support requirements for investors. An initial visa is granted for a period of 3 years and 4 months. The more you invest the quicker you will receive permission to settle (i.e. your right of permanent residency).
The requirements for the Entrepreneur visa route differ and you will have to show that you:
- Have easy access to GBP£200,000, either through your own funds or a third party’s;
- Meet the English language and personal support requirements;
- Are a ‘genuine’ entrepreneur and can show that during the Home Office interview. The Home Office will take into account any previous relevant experience, qualifications and your credentials generally.
Once initial entry is granted (always for a period of 3 years and 4 months), the business you invested in will have to hire two full time employees settled in the UK for period of at least 12 months. You can hire more than one person in a role, so long as, the number of people doing the relevant role work for a total of at least 12 months. There is flexibility in how the minimum period is reached – for example, some of our clients hire four part time employees for the same period.
We can guide you through the complexities of employment law in the UK, which covers all aspects from advertising a vacancy, the recruitment process, the employment itself and how it ended. For example, in the UK, all employers must offer a workplace pension scheme by law. Many entrepreneurs and investors ask us about the law in respect of working time/hours; the minimum wage; fair recruitment requirements; holiday entitlements; disciplinary procedures; and, the process to close a company.
We can also advise you on protecting your business – from advising you on the right legal structure for you to protecting your brand through intellectual property, such as registering a trademark. We can also assist with contracts, supplier agreements and website terms and conditions.
To sum up, getting comprehensive legal advice at the outset saves costs in the long term and makes a business far more likely to succeed. If you need advice on any stage of your business journey, please contact LF Legal on 0203 146 3549 / [email protected]